FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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The following information was provided for Macy company. The purpose of presenting these account balances is for you to prepare an income statement for the year ended December 31, 2018. Use the functional presentation and provide a supporting schedule or notes to financial statements. Make also a narrative description highlighting the importance of the information embodied herein to the users of financial statements.
Sales 3,750,000Depreciation-store equipment 35,000Purchases 1,500,000Office salaries 75,000Direct Labor 475,000Depreciation-office equipment 20,000Indirect Labor 125,000Depreciation-machinery 30,000Superintendence…
Use the following information to answer Short Exercises S1-12 through S1-14.
Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business:
Preparing the statement of retained earnings
Prepare the statement of retained earnings of Centerpiece Arrangements for the year ended December 31, 2018.
Prepare an Income Statement using the following information for DL Enterprises for
the month of July 2018. When listing accounts for each category, you are to use
them in the order in which they are listed here. If used, type in the account names
exactly as written here.
Accounts
Normal Balances
Sales Revenue
$62,500
Rental Revenue
$15,300
Product Expense
$52,200
Wages Expense
$18,900
Owner Investment
$12,000
Equipment Purchases
$56,000
Utilities Expense
$1,800
Taxes Expense
$400
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